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THE Zambia Chamber of Mines says government’s revision of the economic growth target to 5.8 per cent is “too optimistic”. And the Chamber of Mines has continued to press government for the same royalty tax rate for all mines, rejecting a proposal to reduce royalties for underground mines to six …
Read More »FQM calls for stable mine tax regime
FIRST Quantum Minerals says Zambia needs to come up with a stable tax regime that will encourage mining investments and exploration as the country faces prospects of falling ore grades. Matt Pascal, First Quantum’s director of operations, said Zambia faced falling ore grades compared with the Democratic Republic of Congo …
Read More »Msiska notes challenges in implementing 2015 mine tax regime
THERE have been a number of challenges in implementing the 2015 mining tax regime, says Zambia Revenue Authority commissioner general Berlin Msiska. And Msiska says there is an immoral aspect to tax avoidance, even if it might be said not to be illegal. Msiska said in an interview that tax …
Read More »Mopani Copper Mines delays copper project pending US $300m tax refund
LUSAKA – Zambia’s Mopani Copper Mines (MCM), majority owned by London-listed Glencore, will delay the construction of a planned copper processing plant until the government pays it $300-million the firm says it is owed in value added tax (VAT) refunds, the company’s CEO said on Thursday.Zambia in February relaxed rules that …
Read More »Northwest Rail secures US$500m for copper export rail line
LUSAKA – Zambia’s Northwest Rail said on Friday it has secured $500-million for the first phase of a railway linking Zambia’s copperbelt to the Angolan border, in a project that aims to extend the line to Angola’s coast.South Africa’s Grindrod and other shareholders will put up the equity, and several banks would …
Read More »KCM says cost of electricity is biggest challenge
LUSAKA – Vedanta Resources’ Zambian unit Konkola Copper Mines (KCM) said on Thursday one of the biggest challenges it faced was the high cost of electricity in Africa’s No 2 copper producer.“One of the big challenges that we have for the future, for us to be able to stabilize our operations, is …
Read More »India’s thermal coal imports likely to spike owing to poor monsoon rains
Indian thermal coal imports were expected to spike over the next few months, exceeding the 200-million-ton forecast for the current financial year, a senior government official has said. Indian thermal coal import projections for 2015/16 have already been increased to 200-million tons, but shipments could well increase by between 15% …
Read More »DRC says Invanhoe mines’ kamoa deal should be suspended
Democratic Republic of Congo said recently that Ivanhoe Mines’ sale of a stake in the Kamoa copper mine to China’s Zijin Mining should be suspended until concerns raised by the government can be resolved.Vancouver-based Ivanhoe announced last month that it would sell a 49.5% stake in Ivanhoe subsidiary Kamoa Holding …
Read More »Excalibur hopes for manganese luck in Zambia
Junior explorer Excalibur Mining has its eye on a manganese deposit in Zambia.The ASX-listed junior reported on Thursday that the company would partner with Pinto Minerals to acquire a 75% shareholding in Maybach Mining Services, which holds the early stage production asset.In exchange for its 50% interest in Maybach, with Pinto holding …
Read More »Copperbelt Energy Corporation and South African Old Mutual in talks over $205m project
Zambia’s Copperbelt Energy Corp (CEC) and Old Mutual said they are in talks over a possible investment by the financial services group in a $205-million power station in Africa’s No. 2 copper producer.CEC, the largest supplier of power to mines in the southern African nation, would sell electricity from the …
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